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1099-R for Deceased Parent

Forum|Forum|6 years ago
February 24, 2020
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Hi - I recently received a 1099-R made out to my deceased father for a distribution made to me and my siblings upon his death. We did not receive individual 1099-Rs with our portion of the inherited IRA. Is this correct? How do we file if the 1099-R was placed in his name and not ours?

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Best answer by macuser_22

Code 4 is an inherited IRA. It should be in the name of your father FBO (For Benefit Of) your name with your SSN on the 1099-R. (Or similar wording)

If more than one beneficiary then each benificuary would receive a separate 1099-R with a code 4 and their own SSN on the 1099-R. Each benificuary would be responsible for reporting their 1099-R and tax.

Perhaps you were named primary benificuary and siblings secondary beneficiaries rather that each listed as multiple primary beneficiaries. Secondary beneficiaries only come in effect if the primary benificuary died.

If not, then contact the account trustee that issued the 1099-R for an explanation - they might have entered it wrong.

macuser_22

The inherited IRA must remain in your fathers name but should be payable to the beneficiary with the beneficiary SSN in the 1099-R. Each named benificuary should receive a separate 1099-R.

What code is in box 7?

Were you (and siblings) the named beneficiary or was the estate the benificuary?

Was the distribution made prior or after death?

Was the account trustee notified of the death so they could change the payee and name?

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

Q

quedAuthor

Interesting. That's what we were thinking.

What code is in box 7? 4

Were you (and siblings) the named beneficiary or was the estate the benificuary? Yes, we were named beneficiary.

Was the distribution made prior or after death? No, after his death

Was the account trustee notified of the death so they could change the payee and name? Yes, we did this in person.

macuser_22Answer

Code 4 is an inherited IRA. It should be in the name of your father FBO (For Benefit Of) your name with your SSN on the 1099-R. (Or similar wording)

If more than one beneficiary then each benificuary would receive a separate 1099-R with a code 4 and their own SSN on the 1099-R. Each benificuary would be responsible for reporting their 1099-R and tax.

Perhaps you were named primary benificuary and siblings secondary beneficiaries rather that each listed as multiple primary beneficiaries. Secondary beneficiaries only come in effect if the primary benificuary died.

If not, then contact the account trustee that issued the 1099-R for an explanation - they might have entered it wrong.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**